Financial Performance - The net loss attributable to common stockholders for Q4 2024 was $16.6 million, or $1.78 per diluted share, compared to a net loss of $16.3 million, or $6.66 per diluted share in Q4 2023[5]. - Total revenues for Q4 2024 were $27,459, a decrease of 6.8% compared to $29,468 in Q4 2023[31]. - Net loss attributable to common stockholders for Q4 2024 was $16,606, compared to a loss of $16,263 in Q4 2023, representing an increase in loss of 2.1%[35]. - Funds from Operations (FFO) attributable to common stockholders for Q4 2024 was $(8,656), a slight improvement from $(9,939) in Q4 2023[35]. - Core Funds from Operations (Core FFO) attributable to common stockholders for Q4 2024 was $(6,953), compared to $(8,445) in Q4 2023, indicating a 17.6% improvement[39]. - Basic net loss per share for Q4 2024 was $(1.78), compared to $(6.66) in Q4 2023, showing a significant reduction in loss per share[31]. - The company reported a net loss attributable to the Company of $10,265,000 for Q4 2024, compared to a net loss of $8,402,000 in Q4 2023, indicating an increase in losses of 22.1%[43][44]. Operational Metrics - The same-store office portfolio was 71.0% leased, with an annualized rent per occupied square foot of $60.48, up from $57.28 in the previous year[7]. - The multifamily segment NOI decreased to $855,000 for Q4 2024, compared to $1.1 million in Q4 2023, with an occupancy rate of 81.7%[11]. - Hotel segment NOI was $2.1 million for Q4 2024, down from $2.9 million in Q4 2023, with occupancy dropping to 54.5% from 69.9%[9]. - The company executed 175,654 square feet of leases with terms longer than 12 months in the same-store office portfolio during Q4 2024[7]. - Total segment net operating income (NOI) was $9.2 million for Q4 2024, down from $10.8 million in Q4 2023[7]. - Cash net operating income for the three months ended December 31, 2024, was $10,166,000, a decrease of 21.3% compared to $12,915,000 for the same period in 2023[43][44]. - Segment net operating income for the same period in 2024 was $9,158,000, down from $10,764,000 in 2023, reflecting a decline of 14.9%[43][44]. - Cash NOI for the real estate segments was $6,234,000 in Q4 2024, down from $6,815,000 in Q4 2023, a decrease of 8.5%[43][44]. - The total cash NOI for the lending segment was $980,000 in Q4 2024, compared to $1,311,000 in Q4 2023, reflecting a decline of 25.3%[43][44]. Financial Position - Total assets decreased from $891,200,000 as of December 31, 2023, to $889,555,000 as of December 31, 2024, reflecting a decline of approximately 0.2%[30]. - Investments in real estate increased from $704,762,000 in 2023 to $709,194,000 in 2024, representing a growth of about 0.6%[30]. - Total liabilities rose from $514,431,000 in 2023 to $562,492,000 in 2024, indicating an increase of approximately 9.3%[30]. - Cash and cash equivalents increased from $19,290,000 in 2023 to $20,262,000 in 2024, a rise of about 5.0%[30]. - The company reported a significant increase in redeemable preferred stock from $0 in 2023 to $20,799,000 in 2024[30]. - Total stockholders' equity decreased from $374,403,000 in 2023 to $304,516,000 in 2024, a decline of approximately 18.6%[30]. Financing Activities - The company completed three property-level financings, reducing the balance on its recourse credit facility to $15 million from $169 million[3]. - The company closed a $105.0 million fixed-rate mortgage on three Los Angeles office properties and a variable-rate mortgage loan on its hotel property with an initial advance of $84.3 million[14]. - The company reported a loss on early extinguishment of debt of $1,416 for the year ended December 31, 2024[31]. - Redeemable preferred stock dividends declared for the year ended December 31, 2024 were $29,686, compared to $25,731 in 2023, reflecting an increase of 15.5%[31]. Future Outlook - The company plans to complete a 36-unit multifamily development in Echo Park, Los Angeles, expected to be completed in Q3 2025[3]. - The company plans to maintain or increase occupancy levels and raise in-place rents to existing market rents as part of its future growth strategy[27]. - Forward-looking statements indicate potential risks including fluctuations in market rents and the impact of inflation and interest rates on operations[27]. Expense Management - Total expenses for Q4 2024 were $37,287, an increase of 1.9% from $36,601 in Q4 2023[31]. - General and administrative expenses increased to $675,000 in Q4 2024 from $1,443,000 in Q4 2023, a reduction of 53.2%[43][44]. - The company’s transaction-related costs were $31,000 in Q4 2024, compared to $1,023,000 in Q4 2023, indicating a significant reduction of 96.9%[43][44]. - Interest expense for the three months ended December 31, 2024, was $8,356,000, compared to $9,465,000 in the same period of 2023, showing a decrease of 11.7%[43][44]. Performance Metrics - Core FFO and FFO should not be used as the sole measure of performance, as they exclude depreciation and amortization, which can materially impact operating results[21]. - The company emphasizes that Segment NOI and Cash NOI are not measures of operating results as per GAAP, but are useful for reflecting revenues and expenses associated with property operations[24].
CMCT(CMCT) - 2024 Q4 - Annual Results